Gold Loan at 17.7 Million VND/Gram, 100 Billion VND Debt of Company Linked to Former Bank Chairman Turns into 1,300 Billion VND Including Principal and Interest, Sued by Sacombank

The Saigon Seafood Business Joint Stock Company (APT) has released its 2024 financial report, showing a revenue of 250 billion VND, but continues to incur a loss of 201 billion VND, raising its total accumulated loss to 1,556 billion VND. The company is facing overdue debts of 1,624 billion VND, primarily owed to Sacombank, from a 103 billion VND loan and 5,833 SJC gold taels taken 14 years ago. Currently, the principal debt in gold has escalated to 491 billion VND, with interest accruing nearly 1 trillion VND. APT’s ownership structure comprises two major shareholders: Saigon Trading Corporation (Satra) and Somo Vietnam Group LLC. The key figure at APT, Chairman Nguyen Lam Vinh Huy, has connections to Phuong Nam Bank and Sacombank, while Tran Phat Minh, previously associated with Phuong Nam, influences APT. APT shares are currently traded at a low of 3,000 VND/share, just once a week.